Bangalore-based nanolocal commerce app, bounty, has raised an undisclosed amount in seed round of funding from Fireside Ventures, Mumbai Angels and MAPE Advisory Group.
The round also saw participation from Basab Pradhan, former Global Head of Sales and marketing at Infosys and real estate group scion Apurva Salarpuria of Salarpuria Group.
The startup will use the funds for expanding to other cities, adding new retail categories and enhancing the product and technology stacks.
Satish Medapati, founder & CEO of Bounty App defines nanolocal commerce as information that is predictive, realtime and contextual, providing what one needs at the right location, just in time.
According to Satish, “Brands need to personalize offers, services and experiences to suit a consumer starting with courting the customer, getting to know them better and tailoring contextual communication to drives sales or service. Bounty provides the perfect platform for brands to reach out to consumers in a cost effective and meaningful way.”
Started in April this year by Satish Medapati, Bounty, is a platform for both customers and retail businesses. The customers on one hand can earn rewards, whereas retail businesses can drive footfall, track customer behavior within the store and incentivize purchases.